The Financial Rehabilitation
of Atlas Consolidated Mining and Development Corporation
Adrian S.
Ramos
Atlas
Consolidated Mining and Development Corporation
Abstract
Atlas
Consolidated Mining and Development Corporation was once one of the
great companies of the Philippines. At its peak in the 1980’s, it
had the 3rd largest copper mine complex in the world,
employed over 12,000 employees, paid regular dividends to
shareholders and had the second highest market capitalization in the
country.
Tragedy
struck in 1994, when this once great organization, laden with debt
and beset with labor problems in an environment of low copper
prices, was forced to shut down its copper mines in Toledo City
Cebu.
Now,
after 13 years of closure, the copper mines of Atlas are very near
rehabilitation. This is the story of how rehabilitation is taking
shape. |